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Fitch rates Pantaloon notes A-(ind)
Fitch Ratings said it assigned an A-(ind) rating Pantaloon Retail (India) Ltd.'s proposed Rs. 2.5 billion non-convertible debenture program and affirmed the national long-term rating at A-(ind).
The outlook is negative.
Ratings reflect the Rs. 3 billion equity raised in May from its sponsors and other investors, which has supported near-term liquidity and improved the company's leverage levels, according to the agency.
Risks remain due to the short- to medium-term outlook for consumer spending in India and its impact on the retail sector, the agency noted.
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